Armor.Fi Hack

TOTAL LOST $850K
Low Other

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain 2021 Incident surface
Recovered - No recovery reported
All-Time Rank #868 By amount stolen
Protocol Type Exploit/Other Target category

Incident Overview

The Armor team claimed that some team members were scammed by OTC and were defrauded of 1.2 million ARMOR tokens. The scammers have dumped all tokens for a profit of 600 ETH (approximately US$850,000). The Armor team disclosed that the scammers pretended to be strategic investors on social media, falsely claiming to purchase tokens from the team through OTC, defrauded 1.2 million ARMOR tokens in OTC transactions, and then sold them.

Scammers' addresses:

https://etherscan.io/address/0x5cb85fe2…08da90

https://etherscan.io/address/0x9f7ffe5a…116de9

https://etherscan.io/address/0x1ed3b57b…5a6f2b

Incident Report

Protocol / Project Armor.Fi
Date of Incident
Attack Technique Other
Classification Borrowing and Lending
Primary Source View Post-Mortem #1 View Post-Mortem #2

Protocol Information

Protocol Type Exploit/Other
Affected Token ARMOR
Official Website armor.fi/
Protocol Twitter/X @ArmorFi
Team Anonymous
Source Code Unverified

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Deep understanding of other and Solidity and EVM internals
Capital Required Seed capital to cover gas and initial position setup
On-Chain Access Ability to interact with smart contracts and deploy a custom exploit contract
Protocol Analysis Identification of the exploitable vulnerability in Armor.Fi's contract logic - root cause: borrowing and lending
Execution Speed Precise transaction ordering and timing to exploit the vulnerability within a single atomic block
Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Other audit checklist and test coverage

If you're auditing a protocol with similar architecture to Armor.Fi, these are the critical security checks that could have prevented this incident (February 2021).

  • Verify all logic paths related to Other are guarded by proper access controls and input validation
  • Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

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